MIDDAY LUNCH

12:00 ET Dow 10464.21  -0.61, Nasdaq 2264.31  +11.64, S&P 1119.59  +1.57

The Financial sector has been the main drag on the market today.  Most sell is coming from the banks.

Large Cap is helping the NASDAQ stay in positive territory today.  Google (GOOG) 610.72 +9.60 Apple (AAPL) 201.95 +1.59 are each helping the tech sector today.  While Ebay (EBAY)23.97 +1.05 and Amazon (AMZN) 137.83  +4.08 are both doing their part to keep the market on the plus side.

Oil is higher at 76.51 +2.12 after a report showed a larger than expected drawdown in inventories.

Personal Income and Spending Rises. While both rose the each missed the economist estimates.   Personal Income for November rose 0.4%, economist were looking for a 0.5% rise in income.  Personal Spending rose 0.5%, estimates were for a 0.7% increase.

New Home Sales Stink.  New home sales sank 11.3% to a seasonally adjusted annual rate of 355,000 units, which was well below the consensus estimate of 438,000.  This level has not been seen since February 2009.  Additional bad news was that new home sales in October were revised down to an annual rate of 400,000 units from a previously reported rate of 430,000 units.

Consumer Confidence Revised Lower.  The final reading for the December University of Michigan Consumer Confidence report was revised down to 72.5 from 73.4.  The median estimate called for a slight pickup to 73.8. This indicates that consumers are still concerned about the economy.  This also could affect the retail sales numbers for the Christmas Holiday season.

• Micron Technology (MU) 9.95 +0.55, reported earnings that beat estimates. The company reported earnings of 0.23 on revenues of 1.74 

•Cintas (CTAS) 26.42 -3.25 Missed estimates reporting earnings of 0.39. on revenues of 885M.

• Red Hat (RHT) 31.29 +1.42 beat their earnings estimate by 0.01 reporting earnings of 0.17 per share.          Revenues came in at 194M.